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24 Jan 2023

QuickNode reaches $800 million valuation in Series B round

QuickNode, a web3 infrastructure firm that provides blockchain development tools, reached an $800 million valuation in a $60 million Series B round.

Dan Tapiero's 10T Holdings led the round, with Alexis Ohanian's Seven Seven Six, Tiger Global, Protocol Labs, QED Investors and others participating, QuickNode announced Tuesday. As part of the deal, Tapiero is joining QuickNode's board of directors, Alex Nabutovsky, CEO and co-founder of QuickNode, told The Block in an interview.

QuickNode managed to raise funds during the FTX fallout. The company began raising for the Series B round in September and closed it in December, Nabutovsky said. This was possible because of QuickNode's growing business and demand for its services, Nabutovsky added.

"QuickNode had two record quarters — both Q3 and Q4 of 2022," he said. "We had an incredible amount of demand and growth. Our revenue grew more than 300% over the past year."

Founded in 2017, QuickNode provides multi-chain development tools across 16 blockchains. The company has some high-profile clients across web2 and web3, including BNY Mellon, Samsung, LG, Coinbase, Chainalysis and 1inch Network.

QuickNode's 3x revenue growth also led to a jump in valuation from its last funding round. The company was valued at $250 million when it raised $35 million in Series A funding in October 2021, according to Nabutovsky. For context, QuickNode's closet competitor Alchemy was valued at $10.2 billion in February 2022.

With fresh capital in hand, QuickNode looks to expand its current team of around 120 to about 180 in the near future, said Nabutovsky, adding that the company will mainly hire developers. Miami-based QuickNode also plans to increase its international presence in Asia and Australia, said Nabutovsky.

QuickNode also aims to decentralize its operations in the future. To that end, it could launch a native "governance token," Nabutovsky said. That said, the company also has plans for a public listing in the future. "We are very much geared towards an IPO," Nabutovsky said. "The tokenization part will be a non-security token if that ever comes up."

Before it goes for an IPO, QuickNode could also raise a Series C round, according to Nabutovsky.

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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